The movement has attracted attention with its slogan "We are 99%," indicating that it represents the 99% of people who has to do with what is left after the top 1% has appropriated most of the income and wealth of the nation. The 99% includes those who find that they cannot find jobs to pay back their college loans, and people who have lost their jobs and cannot repay their home loans or continue the lifestyle they had become accustomed to. The protestors see corporate power and greed as the major factors responsible for this situation and want to snap the ties between big corporations and the government.
Business and Government Practices that Helped OWS
While the government bailed out bankers with billions of dollars, they did not do anything worth the name for young people coming out of college who have to repay their college education loans. The government was also not able to get the economy going again and create jobs for the people.
The common person sees corporates as greedy entities that seek to maximize their profits with utter disregard to the plight of those who are affected by their actions. They also see themselves as powerless to influence the government while corporate lobbyists are able to get whatever they want. Mainstream news media were also seen as under the control of the corporates, projecting only the viewpoints approved by their controllers.
The Power of Social Media
It was the emergence of the new social media, where anyone with the know-how could publicize their viewpoints widely, that helped the movement to emerge despite the power of big corporations over government and media. It was now possible to influence public opinion in a major way in directions that might not meet with the approval of big business. People became aware that the grievances they felt were shared by many, and they also had the means to communicate with these others.
The only clear Demand of OWS is Change
While there is anger and frustration at the way things are, the protestors have not yet raised any coherent demands on what should be done to right the wrongs. In fact, it was even felt that "demands" are for terrorists and not for common protestors. Many have criticized this lack of a clear agenda for the movement.
On the other hand, others see the movement as a democratic awakening that will not let things remain the same. It is in this context that the question of how business responds arises. Merely waiting for the movement to subside so that things can go on the same old way might not work this time.
Can Corporations Become truly Community Minded?
Businesses had found their power curbed in the past also. In areas such as employment, health & safety at workplace and environmental concerns, businesses had to give up their unfettered freedom to do what they want. What the present movement seem to ask of them (and the government) is to consider the impact of their actions in even more areas.
One begins to think of the unthinkable such as businesses foregoing the employment of lobbyists, providing free healthcare for employees and their families, and taking proactive steps to ensure that members of the community in which they operate have sources of income! In fact, businesses (and capitalists) would take over much of the responsibility of the government!
At the minimum, corporations can support the government in addressing the genuine grievances of common citizens instead of focusing exclusively on maximizing their profits. As Warren Buffet suggested, allow the government to tax the wealthy more and find the money to fund healthcare for the common person, and public works that generate employment, for example.
A good start seems to be to comply with law in spirit, as well as words, instead of trying to find loopholes and nullify the intentions of legislation meant to protect the vulnerable.
As things stand, it is difficult to see how the Occupy Wall Street movement will play out and affect business. It is a powerful movement that is gaining much of its power through the new media which big business might not be able to control. And because much of the grievances that led to the movement are genuine, trying to ignore them might not be a workable option.
Join the Conversation